The 'Old Money' Figure Behind Kota Baru Parahyangan
The name Kota Baru Parahyangan has long been recognised by the residents of the Greater Bandung area as one of the largest self-contained urban developments in West Java. Located in Padalarang, West Bandung Regency, this area has evolved into a satellite city supporting Bandung, featuring a concept of green residential zones, education, and modern business districts. In addition to housing, Kota Baru Parahamgan is equipped with commercial centres, hotels, hospitals, educational facilities, and tourist destinations such as Wahoo Waterworld and IKEA Kota Baru Parahyangan.
Behind the development of this area lies an established business group, often referred to as ‘old money’—the Lyman Group, through its property company PT Belaputera Intiland. PT Belaputera Intiland has served as the primary developer of Kota Baru Parahyangan since the project’s inception in the early 2000s. Kota Baru Parahyangan represents the first self-contained city project developed by the group in the Greater Bandung region.
The area spans approximately 1,250 hectares, including a lake area of about 200 hectares, making it the largest self-contained city in the Greater Bandung area. Before being known as the Lyman Group, this business group was originally named the Satya Djaya Raya (SDR) Group. The company was founded by entrepreneur Susanta Lyman in 1959. In its early years, its primary business was in the trade of agricultural products. However, over time, the group’s business expanded into various other sectors, including property, timber, building materials, distribution, and oil and gas.
The term ‘old money’ refers to long-established wealthy families who have built their wealth over several generations, distinguishing them from ‘new money’ entrepreneurs who accumulate wealth in a short period. Currently, the family business is managed by the second generation of the Lyman family. One of the entrepreneurs known to control the group is Osbert Lyman. Forbes magazine has previously included Osbert Lyman’s name on the list of Indonesia’s wealthiest individuals; in 2021, for instance, Forbes recorded Osbert Lyman’s wealth at approximately 800 million US dollars.